The Growing Need for African American Financial Advisors in the USA

William Huston, AIF®, AIFA®

by in Published on July 08, 2021

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The Growing Need for African American Financial Advisors in the USA

"Diversity is critical for remaining relevant, and the financial sector needs to be recruiting underrepresented groups in greater numbers." Kimberly Foss

Professional opportunities in the financial planning industry are incredibly broad, in addition to each profession's particular approach and area of expertise. But as varied as the profession is in types of work opportunities, the demographics of the industry do not reflect the diversity of the population.

Research has shown that in 2020, the number of Black and Latino certified financial planners in the U.S. grew substantially 12.6% from the previous 8%. However there are still only 1,493 total Black Certified Financial Planners(CFP) today, and they make up less than 2% of all CFP professionals in the United States.

Black clients have voiced the belief that a Black advisor would be better able to comprehend minor cultural differences that might have significant economic implications. It gives people confidence that you understand where they're coming from, that they'll listen to you, and that they'll offer recommendations based on their profound grasp of cultural differences.

Introducing the Association of African American Finacial Advisors

The Association of African American Financial Advisors (AAAA) was created to address the needs and concerns of African American Financial Professionals. The Association of African Americans Financial Advisors is a non-profit membership organization for African American financial advisors and affiliated professionals.

They work in alliance with academic leaders at HBCUs that support financial planning degree programs, legislative and regulatory bodies, financial services firms, and consumer interest organizations. AAAA fosters the value of financial planning and advances the financial planning profession, especially for the African American community. Black Group Students

Attracting more African American Financial Advisors to Cater to African American Communities

A multi-faceted strategy is required to increase diversity in the financial advice sector. A stronger and more successful program that is purposefully tailored toward the interests and culture of ethnic minorities might bring considerable gains. A focus on financial education at a young age can help to elevate a career in the financial services business, making it more appealing to women and people of color.

For example, BlackFem, a non-profit uses education initiatives as a point of focus, which advances financial literacy through programs offered in elementary, middle, and high schools, as well as online workshops for parents. They are culturally responsive and infuse the experiences and the nuances of the demographic they serve which are the minority groups.

This is only one example of how duplicating these initiatives might entice minority persons to pursue jobs in advisory and management, but the financial sector must also play a role in attracting the groups it wishes to hire. That is to say, fostering diversity is a good idea if financial services businesses adopt a more inclusive mindset.

With that being said, listed below are a range of financial advisors within the United States of America that can get you started on your journey to financial freedom and with a deep understanding of diversity and range.

African American Financial Experts within the USA

Although the numbers of Black Certified Financial Planners (CFPs) in the USA are still a low 2% of the total number. There are exceptional individuals who have beaten the odds to become financial experts to serve the black population across the United States.

William Huston

William Huston

After 13 years of supporting the Thrift Savings Plan, the largest retirement plan in the United States ($650 billion), William Huston created Bay Street Capital Holdings. Bay Street Capital Holdings manage portfolios with the goal of maintaining and increasing total assets and income. Although many advisors may focus on maximizing returns, we place a higher priority on managing total risk and volatility.

He is one of the Top 100 Financial Advisors for 2021, according to Investopedia. Only two black-owned businesses out of nineteen in California won this honor.

Ekenna Anya-Gafu

Ekenna Anya-Gafu

Director of Planning Ekenna Anya-Gafu CFP, AAMS is also recognized as one of the Best Financial Advisor in Scottsdale, Arizona, for his responsiveness, friendliness, helpfulness, and attention to detail. In 2021, Bay Street was selected as a finalist out of over 900 firms across the US in the category of Asset Manager for Corporate Social Responsibility (CSR).

Ash Exantus

Ash Exantus

Ash is famously known as 'The Financial Motivator,' and has a substantial fan base, notably among millennials and instigating the ideas for creating wealth. He is the author of several publications, including The Wake-Up Call: Financial Inspiration from 4:44 PLUS A Step-by-Step Guide to Implementing Each Financial Principle.

He works to improve and help individuals manage their money effectively and have fun while doing so in his published writings. Exantus is one of the finest black financial bloggers in the United States because he provides a unique combination of financial and psychological guidance. To keep things entertaining for his youthful audience, he combines financial advice with music, pop culture, and other topics.

Choncé Maddox Rhea

Choncé Maddox Rhea

Choncé is a qualified financial education instructor and a personal financial coach (CFEI). Her mission is to assist individuals in regaining financial control, which may be challenging in these days of rising debt. Choncé has struggled with money in the past, including a $40,000 loan that she paid off to become debt-free.

She has used her expertise to assist many individuals get out of debt and enjoy a life with less financial constraints. Choncé's expertise isn't in supporting individuals in going on a financial diet, but rather in assisting them in locating resources to help them achieve their goals. This distinguishes her as a distinct and intriguing black financial counselor.

Kevin L. Mathews II

Kevin L. Mathews II

Kevin's Starting Point - How to Create Wealth that Lasts is an excellent read if you're seeking for good black financial advisers books. He is a seasoned financial specialist who can assist you in overcoming hurdles and generating numerous cash sources. He aspires to assist people in simplifying their money so that they may achieve any objective.

Kevin is interested in building wealth that will last for a lot longer. He has worked as a financial counselor for numerous years and has aided many people in managing their retirement.

Courtney Richardson

Courtney works as a stockbroker and financial counselor, advising clients on how to turn their money into unearned income. She is one of the top black financial advisors for women who wish to build a solid investment portfolio. Her website has tools to assist consumers in learning about the stock market, college savings, retirement money, and other financial topics.

Courtney specializes in making the stock market and investing easier to understand. She possesses a unique skill set as an attorney, investment advisor, and stockbroker, and can assist clients in solving a variety of challenges.

Anthony Copeman

Anthony is the founder of Financial Lituation and the creator of SharesTV and $hares The Animated Series. Anthony is the ideal pick if you're a millennial seeking an exceptional black financial planner in the United States. Rather than focusing on just getting money, he helps individuals grow wealth. Anthony wants to transform the way we think about money generation, which many people see as a side objective.

Copeman has extensive expertise in this industry and a Bachelor of Business Administration in Accounting from Temple University. He has given financial advice on a variety of venues, including Chime Bank, Newsweek, Credit Karma, and others.

Tela Holcomb

Many black women may identify with Tela. She isn't a financial guru or a professional stockbroker. Despite this, she has amassed a six-figure stock and options trading account. She believes that everyone can learn how to generate money and build riches on the stock market. Her mission is to assist people in realizing their greatest financial potential while still spending time with their families.

She is an expert at explaining the stock market to non-investors in plain English. She quit her 9-to-5 work in order to acquire better control over her life, and she was successful. Tela now wants to assist others in following in her footsteps.

Eric Patrick

Eric is one of the most popular African American financial advisors today because of his unique approach. He combines education with urban media like hip-hop, to engage a younger audience, especially millennials and Gen Z individuals. He aims to make finances easy and fun rather than intimidating.

Patrick focuses on investment and wealth-building, which can help people gain financial independence by providing passive income. He specializes in assisting people to become more confident in their investment practices.

All of these black financial coaches offer unique advice on different aspects of finance. When in search of high-ranking black financial experts, black folks do not have to compromise on qualifications or personal preference in any way, shape, or form to find a Black advisor. Whether you're looking for a certain designation such as CFP, registered investment advisor or broker-dealer; years of experience; a particular payment model; or any other preference, you’ll find a Black advisor who can meet those criteria.

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William Huston, AIF®, AIFA®
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